Arka News Agency, Armenia
Oct 27 2006

VTB BANK ARMENIA PLANS TO BECOME LEADER IN RENDERING RETAIL SERVICES

YEREVAN, October 27. /ARKA/.The VTB Bank Armenia intends to become an
absolute leader in rendering individual services in the country,
Senior vice-President Vasily Titov told reporters.
"This is one of the priority tasks," he said.
According to Titov, the Armenian bank has a large branch network
throughout Armenia. "I am sure that the task of retail development
and project funding will be accomplished," he said.
Titov also pointed out that the issue of replenishing the bank’s
capital is not on the agenda now, because the VTB Bank Armenia has
all means of accomplishing its tasks.
On September 8, 2001, the RA Government made a decision on the
privatization of the Armsavingsbank by means of a direct sale to the
ARCH Limited consortium (Bahamas) and ÌIKA Armenia Trading.
Early in 2003, the stock was transferred to the ÌIKA Armenia Trading,
and in March 2004, in Yerevan, a contract was signed for the purchase
of 70% of the "Armsavingsbank" shares by the Russian VTB.
The authorized capital of the "VTB Bank Armenia" CJSC is currently
7,526.2mln, assets AMD 14.7bln or $109.4mln (on September 30, 2006),
total capital AMD 9.1bln ($23.9mln). In January-September 2006, the
bank’s profit amounted to AMD 493.4mln ($1.3mln), and the balance
profit AMD 1.2bln ($3.1mln).
The VTB Bank Armenia is among the leaders as to the main indicators.
Specifically, it has the 4th largest assets, 5th largest volume of
individual crediting, 2nd largest volume of crediting legal entities,
3rd largest volume of funds attracted from clients and the amount of
individual fixed deposits, 2nd largest amount of individual call
deposits. As regards the total capital, the bank has the 4th largest
capital, and the 2nd largest authorized capital.($1 – AMD 379.84).
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